GenCos Incur N27.14bn losses, 4,724.76MW stranded

With Electricity Distribution Companies, DisCos, unwilling to offtake available power, Generation Companies, GenCos, have disclosed that they lost N27.14 billion in January and February 2024 after 4,724.76MW capacity was left stranded.

Data posted by the Association of Power Generation Companies, APGC, showed that in January while available power generation capacity was 6,444.05 Megawatts actual average daily generation was 4,293.86MW, leaving 2,150.37MW of power stranded at a loss of N13.04 billion.

In February, available power generation capacity was 6,384MW while actual average daily generation was 3,809.96MW leaving 2,574.39MW of capacity unutilised at a cost of N14.10 billion.

In a note obtained from the CEO, APGC, Dr. Joy Ogaji however explained that contrary to the narrative in the public domain, power generation was not the problem in the sector.

She claimed that GenCos were being paid only 30 percent of their invoice, wondering how the plants were expected to operate efficiently in such an environment.

“The narrative out there has been that there is not enough generation. But has anyone bothered to check the NSONG (the portal for generation and distribution data managed by the National System Operator) to see if the declared capacity and availability was fully utilised ever in the history of our power consumption?

“Then what is the discussion around remittances or payments? Can 30% of half (energy without capacity payments) your invoice component sustain any business? Given that demand drives production. Are we really ready for optimal supply?, she queried.

Commenting on the issue, the President, Nigeria Consumer Protection Network, Mr. Kunle Olubiyo bemoaned the present poor state of power supply in the country, stressing that the “situation is getting worse with energy crisis in Nigeria

“Nobody sleeps with light (power) again and the hot weather is not helping matters. The Federal Government needs to resolve the issues with pre-privatisation exercise, legacy debts and post pivatisation era debts to gas producers/gas suppliers”.

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

BREAKING: 2Baba Shot Dead In Rivers State

A notorious cult leader and the prime suspect in the brutal murder of the late Divisional Police Officer, SP Bako Angbashim, in the state, Gift Okpara, popularly referred to as 2Baba, has been reportedly killed in a police-led major security raid. The police and other security agencies were said to have conducted land and aerial raids at the identical hideout of the Iceland cult leader and his gang at Idu-Ekpeye in Ahoada East local government area of Rivers on Saturday, February 17. According to The Nation , the Iceland cult leader was reportedly feared dead after the operation. Recall that in September 2023, the late DPO was ambushed and captured by the cult group led by 2Baba in the Odiemudie community, Ahoada East LGA. 2Baba and his gang then took the DPO to the forest, where they killed him and dismembered his body. The cultists then filmed him. Another source, Obi, said he saw no less than 15 vehicles and an Armored Personnel Carrier (APC) during th...

Prominent Leaders Pay Tribute to Late Sen Ifeanyi Ubah, at Anambra Community Candlelight Procession in Awka

Hundreds of mourners, friends, well-wishers, media representatives, and party faithful gathered are presently at Emmaus House in Awka for a candlelight procession to honor the late Senator Ifeanyi Ubah. Chief Egwuonwu in his speech expressed his deep grief over the loss of his friend and brother, Senator Ubah, saying it's hard to find words to convey his emotions. However, he says that he finds solace in the tremendous impact Senator Ubah had on the lives of those he encountered. Chief Owelle Mbaso, leader of Anambra Former Political Appointees in paying glowing tribute said that Senator Ubah led a life worthy of emulation. He said "he knew he wouldn't pass this way again,reason he ensured he impacted on several life's without expecting anything in return." Mr Linus Williams, BLord in a glowing tribute recounted how Late Senator Ubah helped him when he was wrongly accused of sponsoring terrorism. He said " even though I have not meet him or seen ...

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